You know that sound, fren? The one that sends an instant dopamine rush straight to your galaxy brain? We’re of course talking about the sound of being outbid during an Aavegotchi bid-to-earn auction. After hearing it, you immediately refresh your page to see the change to your GHST balance. You’ve made some GHST simply by being outbid and life is good.
Until now, you’ve only been able to participate in GBM Auctions during our major NFT drops like the Gotchiverse Land Sales, but now you and everyone else will be able to launch your own bid-to-earn auctions anytime you like with the GBM Auction House on aavegotchi.com.
That’s right GBM bid-to-earn auctions are going to be running every second of the day!
What is a GBM Auction?
GBM Auctions are the fairest (and most gamified) way to sell NFTs today. The Aavegotchi protocol has been utilizing GBM’s proprietary technology for over a year, allowing auction participants to earn GHST as a reward for playing their part in price discovery of new NFTs.
Sure, finding a deal in the Aavegotchi Baazaar is nice, but how often are you able to snipe something at a discount before someone else scoops it up? With GBM Auctions everyone has a fair chance at winning the NFT up for auction. The best part? Even if your bid doesn’t win, you receive your bid back plus an additional percentage of your bid as a reward simply for participating. Bid-to-earn auctions are a win-win in the truest sense possible. You either win the NFT, or win additional GHST for being outbid by another user.
In other words, everyone wins with GBM. Asked about the technology’s benefits, GBM co-founder Edourd Bessire had this to say:
“My favorite benefit is the ability for GBM to turn any NFT release into an exciting and enjoyable experience for the community, where bots lose their advantage and everybody goes home with something. Another key benefit to mention is the fact that thanks to great price discovery, the project captures a fair revenue for their assets which they can then reinvest in the project, rather than losing it to flippers.”
What better way to participate in an NFT auction than by earning GHST for your time and effort put towards setting the final price? With Aavegotchi’s GBM bid-to-earn auctions, every bid means something.
GBM is excited to have their technology integrated on the Aavegotchi Protocol as well:
“Our partnership with Aavegotchi has been an incredible success so far, with over 50,000 GBM auctions, more than $5.6M distributed to bidders, and a very positive experience for the community. It's clear now that Aavegotchi and GBM have set a new standard for how NFTs drops should be done.” - Edouard Bessire, Co-Founder of GBM
The floor price of Aavegotchi NFTs can sometimes be hard to define. Floor prices for Aavegotchi Wearable NFTs with mythical and godlike rarity are so diamond handed that they rarely move for weeks, or even months at a time. The implementation of the GBM Auction House enables sellers of Aavegotchi and FAKE Gotchis assets to discover how the market values their items, and then determine if they’d like to sell them at that price or continue to hodl.
How it Works
Listing an Item
To start a GBM Auction for one of your Aavegotchi ecosystem NFTs, you’ll need to head to https://auction.aavegotchi.com. Once there you’ll be able to click through your various assets at the top of your screen. To start a GBM Auction you’ll click on “Auction” beneath the NFT you wish to sell. From there you’ll set the parameters of the auction including whether to start it now or schedule it for later, the duration of the auction, and the GBM Incentives (low, medium, or high). Once you’ve set the auction up to your liking, you’ll click the “Confirm & Go Live” button and confirm the transaction. Your Auction will now be open for bidding!
Every GBM Auction will have a 60 minute Cancellation Period at the conclusion. This means the seller will have 60 minutes to cancel the sale by paying the incentives and selling fees if they do not wish to sell the item at the final bid price. If the seller does not cancel the sale during the grace period, the buyer can finalize the auction after the Cancellation Period is over.
Placing a Bid
To place a bid head to https://auction.aavegotchi.com, click “Auctions,” and find the NFT you’d like to bid on using the sections on the left side of your screen. You can filter open auctions by name or ID, time remaining, price, and incentive level.
Once you find the item you’d like to bid on you’ll click the “Bid Now” button. You’ll enter your bid in GHST (ensure it meets the minimum amount), click “Place Bid,” and confirm the transaction.
Hammer Time is the final 20 minutes of an Aavegotchi Auction. Any bids placed during Hammer Time extend the auction by an additional 20 minutes, indefinitely until there is a winner. Past auctions have had hammer time extend multiple hours from the scheduled end time. If you hold the highest bid for an NFT, be sure to pay special attention to those final 20 minutes!
Winning an Auction
To win a GBM Auction you must have the highest bid once the time has expired. As mentioned, the owner of the NFT will have a 60 minute grace period to decide whether or not to accept the final bid price. If they choose to accept, or do nothing in that 60 minute window then the NFT will be transferred to the highest bidder.
Tracking Your Bids
You can track your placed and received bids in the “My Bids” area. The placed bids area will show all bids you’ve placed, along with information on your total earnings from being outbid, NFTs you’ve bid on, and the current bid for the NFTs you’ve bid on.
The received bids area will show all bids you’ve received on Auctions you’ve started. You’ll be able to see your total GHST proceeds from GBM Auctions and the status of any Auctions.
Get in on the Action
GBM Auctions are live right now at https://auction.aavegotchi.com. Browse the open auctions for a deal, place a bid in an effort to win or… win! Then consider starting a GBM Auction of your own!
Happy bidding frens! 👻
Aavegotchi is an open-source, community owned NFT gaming protocol, enabling true asset ownership for gamers. Aavegotchi NFTs are on-chain collectible ghosts staked with Aave’s interest-generating aTokens.
Compete for player rewards by earning XP, leveling up, and increasing the rarity of your Aavegotchi fren. Aavegotchi is governed by the AavegotchiDAO and the native eco-governance token GHST. Visit Aavegotchi.com today and join the future of DeFi-staked NFT avatars!
Official Wiki: https://wiki.aavegotchi.com/